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Keywords:financial markets 

Speech
Welcoming Remarks: Thirteenth Annual International Banking Conference

Welcoming remarks delivered by Charles Evans before the Thirteenth Annual International Banking Conference on September 23, 2010, in Chicago, IL.
Speech , Paper 46

Working Paper
Gambling for Dollars: Strategic Hedge Fund Manager Investment

Hedge fund managers differ in ability and investors want to distinguish good ones from bad. Via the design of their investment strategies, better fund managers want to ease this inference problem while worse fund managers want to complicate it. We impose only the minimal restrictions on the nature the investment strategies that, on average, returns reflect the hedge fund manager?s ability and that returns be bounded from below, and solve for the set of equilibria that emerge. We then show that under a variety of equilibrium refinements, a unique equilibrium obtains. In this equilibrium, ...
Working Paper Series , Paper WP-2013-23

Discussion Paper
Lunch Anyone? Volatility on the Tokyo Stock Exchange around the Lunch Break on May 23, 2013, and Stock Market Circuit Breakers

Stock market circuit breakers halt trading activity on a single stock or an entire exchange if a sudden large price move occurs. Their purpose is to forestall cascading trading activity caused by gaps in liquidity or order errors. Whether circuit breakers achieve this goal is contentious. This post adds to the debate by analyzing intraday price formation on the Tokyo Stock Exchange (TSE) on May 23, 2013?the pinnacle of this past year?s volatility in Japanese stock markets. While no circuit breakers were triggered on the TSE, we focus on trading conditions before and after the daily lunch ...
Liberty Street Economics , Paper 20140409

Speech
A Solution to Every Puzzle

Remarks at the 2020 U.S. Treasury Market Conference (delivered via videoconference).
Speech

Working Paper
The Federal Reserve's Tools for Policy Normalization in a Preferred Habitat Model of Financial Markets

This paper develops a model of the financial system that provides a framework for analyzing monetary policy implementation in a world with multiple Federal Reserve liabilities and a superabundant supply of reserves. The analysis demonstrates that the Federal Reserve's suite of policy tools including interest on excess reserves (IOER), overnight and term reverse repurchase agreements, and term deposits should allow the Federal Reserve to raise the level of short-term interest rates at the appropriate time. The model also demonstrates that these tools could be used in different ways to achieve ...
Finance and Economics Discussion Series , Paper 2014-83

Speech
The Economic Outlook

Remarks at Foreign Policy Association, New York City.
Speech

Journal Article
Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets

The term decentralized finance (DeFi) refers to an alternative financial infrastructure built on top of the Ethereum blockchain. DeFi uses smart contracts to create protocols that replicate existing financial services in a more open, interoperable, and transparent way. This article highlights opportunities and potential risks of the DeFi ecosystem. I propose a multi-layered framework to analyze the implicit architecture and the various DeFi building blocks, including token standards, decentralized exchanges, decentralized debt markets, blockchain derivatives, and on-chain asset management ...
Review , Volume 103 , Issue 2 , Pages 153-174

Speech
The Economy in the Time of Coronavirus

Remarks at the Buffalo Niagara Partnership, the Greater Rochester Chamber of Commerce, and CenterState CEO (delivered via videoconference).
Speech

Speech
Weighing the risks to the economic outlook: remarks at The Leo J. Meehan School of Business, Stonehill College, Easton, Massachusetts, September 3, 2019

It was an eventful August in the financial markets amid talk of additional tariffs and tax cuts, the falling 10-year Treasury rate, and volatility in stock prices. But the economic data and forecasts indicate a relatively good domestic economy.
Speech , Paper 147

Report
Measuring Global Financial Market Stresses

We propose measures of financial market stress for forty-six countries and regions across the world. Our measures indicate that worldwide financial market stresses rose significantly in March following the widespread economic shutdowns in the wake of the COVID-19 pandemic. However, hardly anywhere in the world did these March peaks in financial stresses reach those seen during the trough of the 2007-09 Global Financial Crisis. Since March, financial market conditions normalized rapidly with financial market stresses around average levels. We also show that our financial stress measures ...
Staff Reports , Paper 940

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